Photo: Tacoma Town Center
At $125 million, The Town Center will be the highest-valued private development in Tacoma’s history. Located near the University of Washington branch campus, the complex will have 200,000 square feet of retail space, 600 residences and at least 50,000 square feet of office space when completed, reports PSBJ.
The Town Center property covers 6.4 acres between Jefferson Avenue and Tacoma Avenue South and 21st to 23rd streets. The growing student body on the University of Washington campus and Infoblox Inc., a Silicon Valley-based cybersecurity company, have helped promote development in the area.
Over 1,200 new housing units are being planned in downtown Tacoma. In addition to the Town Center residences, Brewery Lofts in the Brewery District will have 208 units, another 170 units will be developed at 25th and Jefferson streets, and 104 micro-apartment units are under construction nearby.
Tacoma is selling the Town Center property to North America Asset Management for $3.45 million. The city paid just over $4 million for the property 14 years ago and planned to build a police station.
The development will be financed by the federal EB-5 immigrant investor program that grants visas to foreign nationals who invest in job-creating ventures. Xunkun Luo of China-based Wuhan Boshengshiki Real Estate Development is leading the project with North America Asset Management Group as the builder. Absher Construction is the general contractor.
Construction will take three to five years.